A seller creates one new note that includes the unpaid balance of the existing loan plus additional seller financing for the buyer. In some states, what is this wrap financing instrument called?
Correct Answer
D) All-inclusive trust deed
All-inclusive trust deed is correct because the facts match another name used in some markets for a wraparound financing instrument that includes an existing loan and a new seller-financed obligation. That is the best description of the relationship, right, or legal concept tested here.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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